Not only Bitcoin has shown a strong performance in the last few weeks, but also the new token from The Graph (GRT).
GRT makes the hearts of altcoin enthusiasts beat faster and shoots up by more than 300 percent – what’s behind the project?
The Graphis a platform based on Ethereum (ETH) that enables users to access data from various blockchains. In addition, developers at GRT can integrate their data into their decentralized applications using so-called subgraphs.
Therefore, The Graph is a decentralized application (dApp) that enables blockchain data to communicate with other programs . GRT’s technology has been used by some of the top decentralized finance (DeFi) protocols for quite some time. For example from UniSwap (UNI), Synthetix (SNX), Yearn.Finance (YFI), Yam (YAM) and Balancer (BAL).
The Graph supports these protocols by helping to make blockchain data such as deposits easier to access. That doesn’t sound particularly special at first, but the world of blockchain analysis is already gigantic.
Just like Google indexes the Internet, The Graph indexes blockchain data from networks such as Tron (TRX), Filecoin (FIL) or Ehtereum (ETH).
Such search engines are becoming increasingly important in the blockchain area. This is because the data on a blockchain can be viewed transparently for everyone and can be accessed by anyone.
The Graph is not your typical DeFi project
The new project is not a standard Initial Coin Offering (ICO), but is a project supported by well-known investors such as Coinbase Ventures, Framework, ParaFi Capital, DTC Capital, Reciprocal Ventures and Digital Currency Group.
With the rise of DeFi, a protocol for organizing the constantly growing amounts of data on the blockchain has become more important than ever. GRT makes data usage available to all DeFi protocols. As a result, users no longer have to trust teams to run the projects. In addition, developers can provide a trusted public infrastructure that does not need to be actively managed.
Simply put, any blockchain developer can use The Graph to search and publish data on a blockchain that is needed to create dApps.